Report Description Report Description and Highlights

Global Photonic Sensor Market Trends :

The global market is primarily driven by the increasing product demand in environmental monitoring applications, such as air and water quality monitoring systems. In line with this, the rising product utilization in measuring a wide range of physical characteristics, including temperature, pressure, and chemical composition, is significantly contributing to the market growth. Furthermore, the benefits offered by the photonic sensor over traditional mechanical sensors, including high accuracy and precision, the ability to operate in harsh environments, and its varied use in a wide range of applications, are positively influencing the market. Apart from this, the growing product usage in medical imaging applications, such as ultrasound machines and computed tomography (CT) scanners, is catalyzing the market. Moreover, the escalating demand for advanced sensors in various applications and the development of new photonic technologies are propelling the market. Besides, the increasing demand for non-invasive medical imaging and sensing devices is favoring the market. Additionally, the rising demand for advanced sensors in aircraft and spacecraft is strengthening the market. Some of the other factors driving the market growth include continual innovations in fiber optics, the development of wireless sensing technology, heavy investments in disruptive and advanced technologies, increasing infrastructural developments in smart cities, and a rising focus on factory automation in the manufacturing sector. On account of the factors above, the market is anticipated to reach a value of US$ 45.4 Billion by 2028, exhibiting a CAGR of 15.63% during 2023-2028.

Looking forward, the market value is projected to reach a strong growth during the forecast period (2023-2028).